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Are HOAs and Condos in North Carolina and South Carolina Eligible for Coronavirus Federal Disaster F...
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Content provided by Harmony Taylor of Black, Slaughter & Black P.A. Original article can be found here. Individuals, businesses, and organizations across the United States are struggling to come to grips with the new financial realities created by the COVID-19 pandemic. Nonprofit community associations are no exception.  The...
How to Handle Increasing Member Assessments
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Having a proper, fiscally responsible budget in place is necessary for the successful operation of any homeowner’s association. Just as with any budget, income and expenses must be considered - for an HOA, this income mainly comes in the form of owner assessments. When projecting yearly expenses for an association, those serving on ...
When Your Association Should Consider a Buydown Policy
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Insurance coverage is one of the many important aspects of managing and protecting community assets that HOA boards of directors must keep in mind. If associations are faced with large deductibles, one option to consider is a buydown deductible policy. Buydown insurance policies can sometimes prove to be a great benefit to homeowner&rsquo...
Crunching Numbers: What Goes Into a Community Association’s Budget?
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Budgets are crucial to a community association’s financial operation. Just like for-profit businesses, association boards should work diligently to develop annual budgets that estimate revenue and expenses for the upcoming fiscal year. A properly drafted budget can help prevent reduced services, deteriorating property, or special as...
What to do if There are Insufficient Reserve Funds
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What are reserve funds and what are they used for? Reserve funds are broken down into capital and non-capital expenses; capital would be replacing a roof; non-capital would be painting. These are IRS terms really, but for HOAs reserves are in general a savings account saving up to take care of long-term repairs and replacement &mdash...
The Value of Partnering with Financial Institutions
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Community management companies, like the rest of the world, are being targeted for fraud and the threats are growing. This includes people attempting to cash fake checks at local banks, embezzlement, and cyber fraud via email and the internet.   It’s not easy or quick to determine fraud is happening, either; the average sc...
Keeping Your Association’s Money Safe
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Every board of directors of a property or community association has a lot of duties to perform – from ensuring guidelines are met and enforced to fielding casual concerns from neighbors.But perhaps the most important responsibility you have as a board member has is to protect the association’s funds. Given that you have b...
Protecting Community Association Funds
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Everyone understands the importance of keeping personal assets in order. It’s no surprise, then, that managing a community association’s finances is a critical function of any association’s board of directors. And, as part of that management, it’s crucial to ensure an association is protected in the unfortunate ev...
The Importance Of Protecting Your Association's Money
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One of the most important responsibilities of a property or condominium association board of directors is protecting the association’s funds.  In doing so, it is important for the board of directors and management company (if you are professionally managed) to understand the necessary internal controls and available insurance c...